15 Saved Help Save & Exit Submit 5 Check my work Rondo and his business associate, Larry, are considering forming a business entity called R&L but they are unsure about whether to form it as a C corporation, an S corporation, or an LLC taxed as a partnership. Rondo and Larry would each invest $110,000 in the business. Thus, each owner would take an initial basis in his ownership interest of $110,000 no matter which entity type is formed. Shortly after the formation of the entity, the business borrowed $42,000 from the bank. If applicable, this debt will be shared equally between the two owners. Saved Help Save & Exit Submit 5 Check my work UVIIEST MEIESLUI DIUUUU MIU Mallei WITCIT EMILLY type is formed. Shortly after the formation of the entity, the business borrowed $42,000 from the bank. If applicable, this debt will be shared equally between the two owners. c. After taking the loan into account, what is Rondo's tax basis in his R&L ownership interest if R&L is formed as an LLC and taxed as a partnership?